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Chapter 9, Title 11, United States Code is a chapter of the United States Bankruptcy Code, available exclusively to municipalities and assisting them in the restructuring of their debt. On July 18, 2013, Detroit, Michigan became the largest city in the history of the United States to file for Chapter 9 bankruptcy protection.
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
2009 Washington Park Illinois bankruptcy; 2009 Westfall Township Pennsylvania bankruptcy; 2011 Central Falls Rhode Island bankruptcy; 2011 Harrisburg Pennsylvania bankruptcy; 2011 Jefferson County Alabama Bankruptcy; 2012 Mammoth Lakes California bankruptcy; 2012 San Bernardino California bankruptcy; 2012 Stockton California bankruptcy
A local government, which is a subsidiary of a state, is already allowed to file for bankruptcy under Chapter 9 of the Bankruptcy Code, as long as they are not forbidden to do so by the state. [7] In such municipal bankruptcies, the municipal government repudiate or modify contracts and debts. [3]
Patrick C. Shea is an attorney in California. He was the federal court-appointed attorney that represented 170-plus municipal entities [1] with investments of over $5 billion in the Orange County, California, Chapter 9 bankruptcy. [2] On December 6, 1994, the County of Orange declared Chapter 9 bankruptcy, from which it emerged in June 1995.
The City of Detroit has long been bankrupt -- but now it's official. On Thursday, the City of Detroit petitioned the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division ...
Chapter 3: Case Administration; Chapter 5: Creditors, the Debtor and the Estate; Chapter 7: Liquidation; Chapter 9: Adjustment of Debts of a Municipality; Chapter 11: Reorganization; Chapter 12: Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income; Chapter 13: Adjustment of Debts of an Individual with Regular Income
The U.S. Trustee does not have prosecution powers, but is required by law to refer information regarding potential criminal violations of bankruptcy laws to the United States Attorney. [2] Interim trustees serve by the U.S. Trustee's appointment in Chapter 7 cases. Generally the interim trustee is assigned at random from a "panel" of qualified ...